Nations Trust Bank unveils open API banking platform
Sri Lanka-based Nations Trust Bank (NTB) has launched on open API banking platform.
“The future of banking will be one of the safest public spaces, openness and inclusivity,” states NTB’s CEO, Renuka Fernando.
“This is why we have taken the initiative to launch Nations Open API Banking, creating a framework for collaborative innovation and progress like never seen before.”
Among the first users of the new offering is supermarket chain Keells Super, which will use FriMi branded application bundle provided by NTB to link its point of sale (POS) terminals to their bank account and customers.
“It’s time that banks let go of their ‘fortress’ mentality. It’s time to open up and collaborate,” says Thilak Piyadigama, the bank’s COO.
“Open banking is already popular in Europe and in the Far East where it’s governed by PSD2, which is the regulatory framework that sets standards for information sharing and security on Open Banking APIs. We are happy to say that Nations Open API Banking meets these standards. With it, we are joining what is becoming a global trend towards openness, collaboration and data sharing in the financial services industry.”
NTB describes the cost for the service as “competitive” and hopes to gain new banking customers as a result of this initiative.